The phone could provide Facebook news feed stories right on the home page, link your phone contacts with those who are also Facebook friends, etc.

While a Facebook Phone has been through the rumor mill several times over the years, it looks like this idea has finally come to fruition -- and it will be revealed next week.

The press has been invited to a Facebook event at the company's headquarter in Menlo Park next week. The invitation states, "Come See Our New Home on Android."

On April 4, Facebook plans to reveal an Android operating system that is deeply customized with Facebook features and a Facebook homescreen. The new OS will run on a HTC handset.

According to TechCrunch's sources, this will not be a full rewrite of Android, but rather a version that is just heavily integrated with Facebook's different features. It is said to have native apps like Facebook Messenger.

The phone could provide Facebook news feed stories right on the home page, link your phone contacts with those who are also Facebook friends, etc. It is expected to be a full social phone experience.

It is rumored to be called "Facebook Home," and would likely allow Facebook to gain even greater reach in observing its users' social behavior. Facebook can now step out of just keeping tabs on what you do on your computer and now see who you're calling, texting, etc. This could help Facebook develop new products for keeping people connected based on their social behaviors (and help them target better ads).

Last May, it was reported that Facebook and HTC had teamed up for a smartphone project codenamed "Buffy."

Facebook has been trying to launch a smartphone for years. In 2010, a possible device was leaked byTechCrunch, but nothing ever came of that. In 2011, "Buffy" was first reported on by AllThingsD, but again, nothing materialized. "Buffy" came back into the news last year, and now, it looks like an Android-Facebook OS is the end result.